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Prepare journal entries for payment of the dividend

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Reference no: EM132903694

Question - Wednesday Inc. has 150,000 common shares outstanding on January 1, 2020. On May 27, 2020, the board of directors declared a semi-annual cash dividend of $1.25 per share.  The dividends were paid June 28, 2020 to shareholders on record on June 7, 2020.

Requirement - Prepare Journal Entries for:

a. The declaration of the dividend

b. The payment of the dividend

Reference no: EM132903694

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